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14. banero formed a partnership with each contributing the following assets: Cabañero P502,500 P1,172,500 1,256,250 3,768,750 Apalla Cash Machinery and equipment Building Furniture and fixtures 418,750 167,500 The building is subject to mortgage loan of P1,340,000, which is to be assumed by the partnership. Agreement provides that Apalla and Cabañero share profits and losses 30% and 70%, respectively. On March 1, 2020 the balance in Cabañero's capital account should be: a. P6,197,500 b. P5.259.500

14. banero formed a partnership with each contributing the following assets: Cabañero P502,500 P1,172,500 1,256,250 3,768,750 Apalla Cash Machinery and equipment Building Furniture and fixtures 418,750 167,500 The building is subject to mortgage loan of P1,340,000, which is to be assumed by the partnership. Agreement provides that Apalla and Cabañero share profits and losses 30% and 70%, respectively. On March 1, 2020 the balance in Cabañero's capital account should be: a. P6,197,500 b. P5.259.500

SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter21: Partnerships
Section: Chapter Questions
Problem 34P
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14. On March 1, 2020, Apalla and Cabañero formed a partnership with each contributing the following assets: Cabañero P502,500 P 1,172,500 1,256,250 3,768,750 Apalla Cash Machinery and equipment 418,750 Building Furniture and fixtures 167,500 The building is subject to mortgage loan of P1,340,000, which is to be assumed by the partnership. Agreement provides that Apalla and Cabañero share profits and losses 30% and 70%, respectively. On March 1, 2020 the balance in Cabañero's capital account should be: a. P6,197,500 b. P5,259,500 C. P5,108,750 d. P4,857,500 15. The same information in the previous number, except that the mortgage loan is not assumed by the partnership. On March 1, 2020 the balance in Cabañero's capital account should be: a. P6,197,500 b. P5,259,500 C. P5,108,750 d. P4,857,500
Transcribed Image Text:14. On March 1, 2020, Apalla and Cabañero formed a partnership with each contributing the following assets: Cabañero P502,500 P 1,172,500 1,256,250 3,768,750 Apalla Cash Machinery and equipment 418,750 Building Furniture and fixtures 167,500 The building is subject to mortgage loan of P1,340,000, which is to be assumed by the partnership. Agreement provides that Apalla and Cabañero share profits and losses 30% and 70%, respectively. On March 1, 2020 the balance in Cabañero's capital account should be: a. P6,197,500 b. P5,259,500 C. P5,108,750 d. P4,857,500 15. The same information in the previous number, except that the mortgage loan is not assumed by the partnership. On March 1, 2020 the balance in Cabañero's capital account should be: a. P6,197,500 b. P5,259,500 C. P5,108,750 d. P4,857,500
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